Alleged Ponzi Scheme Grows
Word came this morning, via various media reports, that a number of rather recognizable names are caught up a ponzi scheme allegedly perpetrated by investor Bernard Madoff.
The names include: Nobel laureate Elie Wiesel, real estate investor/media magnate Mort Zuckerman and Sen. Frank Lautenberg (D-N.J.), the Wall Street Journal reports today.
Madoff for years showered his investors with 10-percent returns, even in down markets. But as the Post reported this weekend: "The SEC charged in its complaint that the returns were artificial. Madoff at some point started paying investors with money received from other investors, a Ponzi scheme, according to the SEC."
The Post is aggressively following this story and would like to hear from people who may be victims. Drop me a line at email@example.com.
-- Michael S. Rosenwald
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